CBA Submits Comments Ahead of House Financial Services Committee Markup of Bills
Dear Chairman McHenry and Ranking Member Waters:
The Consumer Bankers Association (CBA) submits this letter for the committee’s May 16, 2024 markup of bills. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country’s total depository assets.
CBA supports the consideration of H.R. 8338, the Clarity in Lending Act. In particular, we would like to highlight the importance of (1) fostering a robust small dollar consumer lending marketplace, (2) reforming the Consumer Financial Protection Bureau’s (CFPB or Bureau) unfair, deceptive, and abusive acts and practices (UDAAP) authority, and (3) obtaining stakeholder input on the Section 1071 balancing test.
